Years ago, I had a job that required that I commute to Philly from my home office 2 times per week. I went to school in Philly and lived there after college so I love the town, the memories and the cheese steak. So it shouldn’t have been an issue. Except there kinda was an issue. Picking up Thrifty Image, Jr. from her after care, on time. Because if I don’t pick her up on time, I would get charged a fee. Plus, it’s rude and disrespectful to delay the after care workers. After all, they have spent their time watching the kiddies as agreed. They deserve to get home, too. Right?
So in order to get to her on time, I would manage my schedule that gave me just enough time to leave Philly and arrive on aftercare’s doorstep with seconds to spare. Unless I didn’t leave on time. Then, I might resort to speeding. Because it is better to speed than to pay $5 or $10 in fees, right? Well, no. In fact, it is better to make the hands free call to the aftercare center, apologize that you are running late and safely and legally drive on. That’s smart, right?
No surprise that in this scenario, I sped to get to mini me on time as I was waylaid by a malicious traffic jam somewhere before crossing into Delaware. No pun intended. So I tried to make up the time by ever so slightly nudging to accelerator. I was caught. I was ticketed. I was ashamed. I never speed. I am known in my family as the speed police. But it doesn’t matter. Once was enough. I was caught red-handed. Or lead footed as it were. I think the ticket was about $100. Far more than the $5 or $10 I would have spent in fees is what you are thinking? Well you are right but it doesn’t stop there.
Traffic violations have a STRONG impact on you insurance rates. (they could also have a negative impact on your credit score if they go unpaid but who would do that?). At the time, I was paying $85 per month for my monthly premium with a new insurer I had just switched to (combined with home for a bundle discount , naturally). Soon, I noticed that my premium went up to $115! Error? Slipped discount? Bait and switch? No. Speeding violation that had made it onto my record. That would stay on my record for 3 years.
Let’s do the math shall we?
$100 – speeding ticket
+$1080 – $30 per month increase on insurance premium x 36 months
=$1,180 – amount I will not be using for umbrella topped drinks on my vacation, or adding to additional principal on my mortgage or watching grow in a high-yield savings account
Use this tale of warning to help yourself. Watch the speed limit or watch your money get run down to the ground. Click here to learn more about how premiums can be impacted by traffic tickets and how to contest tickets.
Keep it 55!